UK FinTech Banked Raises $15M for US Expansion
UK-based FinTech Banked has raised over $15 million in a Series A round, according to a press release on Tuesday (November 15).
The round was led by Insight Partners and supported by Citi, National Australia Bank Ventures and Banked’s recently announced commercial partner Rapyd. The latest addition of capital means Banked has raised over $50 million to date.
Banked is an open banking company specializing in “pay-for-bank” transactions, creating a global digital payment network, based on API access.
Banked highlighted its commitment to expand in the US market, pointing to previous experience from lead investor Insight Partners, as well as an ongoing partnership with Bank of America, which had also previously invested in Banked.
To continue its US expansion, Banked has opened an office in Palo Alto and relocated CEO Brad Goodall from London.
“Pay by Bank is gaining momentum globally. Leading banks recognize the significant opportunity it presents to improve end-customer experience and merchant value. This is supported by growing demand from merchants driving Pay by Bank use cases in the enterprise B2B and B2C space,” Goodall said.
“Banked has a unique partnership model that relies on global go-to-market partners in the form of banks, [payment service providers] and technology platforms. This means we have had to build real depth and capability in areas such as risk and compliance, security, consumer protection, platform scalability and most importantly feature rich user experiences for our partners and their clients and customers,” he added.
FinTech’s latest funding comes as there is growing interest in pay-for-bank transactions.
According to a Wednesday (Nov. 9) PYMNTS report, Mastercard and JPMorgan launched their own pay-for-bank solution, which will be rolled out with a small number of US-based merchants this year ahead of further expansion in 2023.
“Builders and consumers both gain greater payment choices, but the partnership also drives payment innovation on two fronts – in the ease of user experience and in the security of data sharing,” Chiro Aikat, Mastercard’s North America executive vice president of merchants and acceptance, said of pay-for-bank – the solution.
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